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01 Sep 2017
India's eight core industries grow by 2.4% in July, 2017
Credit : TSO Bureau

"The growth in production in eight major industries accelerated during July when total output grew by 2.4 percent in comparison with a 0.8 percent marginal increase during the previous month, official data showed on Thursday. The Index of Eight Core Industries (ECI), representing the output of major industrial sectors like coal, steel, cement and electricity, grew by 3.1 percent in the corresponding month of the previous year. ""The combined Index of Eight Core Industries stands at 119.8 in July, 2017, which was 2.4 percent higher compared to the index of July, 2016. Its cumulative growth during April to July, 2017-18 was 2.5 percent,"" the Ministry of Commerce & Industry said in the summary of the ECI for July. The ECI index carries 40.27 percent weightage of the Index of Industrial Production (IIP). On a sector-specific basis, refinery production, which has the highest weightage of 28.03 percent, plunged by 2.7 percent in July 2017 as compared with the corresponding month of last year. However, electricity generation, which has the second highest weightage of 19.85, rose by 5.4 percent last month. Steel production, the third most important component with weightage of 17.92, increased by 9.2 percent during the month under review, whereas, coal mining, with a 10.33 weightage, inched up by 0.7 percent in July 2017. Extraction of crude oil, which has an 8.98 weightage, slipped by 0.5 percent during the month under consideration. On the other hand, the sub-index for natural gas output, with a weightage of 6.88, stood higher by 6.6 percent. Conversely, cement production, which has a weightage of 5.37, decreased by 2 percent in July 2017. Similarly, fertiliser manufacturing, which has the least weightage -- of only 2.63 -- dipped by 0.3 percent."
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